美国加密工业繁荣的两个交换巨头之间的竞争成长

伯恩斯坦分析师概述了他们的投资案例。他们认为，在接下来的12个月中，Coinbase的股价飙升至300美元，昨天收盘价为190.38美元的63％。

Bernstein analysts have highlighted their investment case for Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD), elaborating on why they prefer the former for its dominant market share in the US crypto industry and the latter for its impressive product pipeline.

伯恩斯坦分析师强调了他们对Coinbase（NASDAQ：COIN）和ROBINOHED（NASDAQ：HOOD）的投资案例，详细介绍了为什么他们更喜欢前者在美国加密货币行业的主要市场份额，而后者则是其令人印象深刻的产品管道。

The analysts, who rate Coinbase Outperform with a $310 price target, believe the stock could surge by 63% from yesterday's closing price of $190.38 to reach $310 in the next 12 months. They also rate Robinhood Outperform with a $105 price target, implying more than double from its current price of $43.66.

分析师对Coinbase的效果的评价为310美元，他认为，从昨天的收盘价为190.38美元的股票可能会增长63％，在未来12个月内达到310美元。他们还以105美元的价格目标对Robinhood的表现进行评分，这意味着其目前的价格为43.66美元。

"We answer the most asked investor question - COIN vs HOOD? We like both, but for different things," the analysts wrote in an investor note.

分析师在一份投资者指出：“我们回答了最问的投资者问题 - 硬币vs hood？我们都喜欢两者，但对于不同的事情。”

"Investors consider COIN a simple crypto trading thesis, and are concerned on rising competition impacting margins. COIN is dominant in the US, and has a broad product suite to drive non-trading revenues, and new trading products to support volumes and margins."

“投资者认为硬币是一个简单的加密交易论文，并且关注影响利润率的竞争上升。硬币在美国是主导的，并且拥有广泛的产品套件，可促进非交易收入，以及新的交易产品以支持数量和利润。”

President Donald Trump wants to make America the world's crypto capital, and combined with a growing share of trading volumes, "Coinbase remains the dominant platform to ride the tailwinds."

唐纳德·特朗普（Donald Trump）总统希望使美国成为世界的加密资本，并加上越来越多的交易量，“ Coinbase仍然是骑逆风的主要平台。”

New trading products such as perpetual futures are likely to be approved in the US, Bernstein wrote, while non-trading subscription and service revenues will jump 31%, on a compound annual growth rate over the next two years.

伯恩斯坦写道，在美国，新的贸易产品（例如永久期货）可能会得到批准，而非交易订阅和服务收入将增长31％，在未来两年内复合年增长率。

Meanwhile, stablecoins, staking services and other services will drive growth.

同时，Stablecoins，Staking Services和其他服务将推动增长。

Regulatory clarity will bring more competition from fintechs, brokers, and banks, Bernstein said.

伯恩斯坦说，监管清晰度将带来更多来自金融科技，经纪人和银行的竞争。

"However, we expect, a strong bull market and rising US onshore dominance to more than offset any competitive market share and pricing pressures."

“但是，我们预计，强劲的牛市，使我们在陆上的统治地位越来越多，而远远超过了任何竞争性的市场份额和定价压力。”

As for Robinhood, the analysts noted that the stock is better liked by investors with limited pushback.

至于Robinhood，分析师指出，股票受到有限推力的投资者的喜爱。

"Several investors booked profits post the blockbuster 4Q and are now looking for fresh entries. As regularity clarity emerges, we expect HOOD to launch new tokens on the primary platform from its current 25."

“几位投资者预订了大片4Q的利润，现在正在寻找新的条目。随着规律性的清晰度的出现，我们希望Hood从目前的25号开始在主要平台上推出新的代币。”

Coinbase lists more than 250, it noted.

它指出，Coinbase列出了250多个。

Robinhood will also launch staking and stablecoins, which combined accounted for about 25% of Coinbase's revenue last year.

Robinhood还将推出Staking和Stablecoins，该公司去年占Coinbase收入的约25％。

Robinhood's acquisition of crypto exchange Bitstamp, announced in June, will also fuel gains.

Robinhood在6月宣布的加密交易所Bitstamp的收购也将加剧。

Some 100 tokens are listed on Bitstamp, and the integration will "lead to HOOD's entry in the global exchange space, driving new revenues in global retail and institutional trading, derivatives, staking and stablecoins."

在Bitstamp上列出了约100个令牌，集成将“导致Hood进入全球交换领域，推动全球零售和机构贸易，衍生品，Staking和Stablecoins的新收入”。